New York REIT Liquidating LLC Announces Declaration of Distribution of $0.10 Per Unit (3/05/20)
NEW YORK, March 05, 2020 (GLOBE NEWSWIRE) -- New York REIT Liquidating LLC (the “Company” or the “LLC”), which was formed to complete the liquidation of the assets previously held by New York REIT, Inc., announced today that the Company’s Board of Managers has declared a cash liquidating distribution of $0.10 per unit to be paid on March 16, 2020 to unitholders of record as of March 9, 2020. The Board of Managers will continue to evaluate distributable cash on a quarterly basis. All per unit amounts have been restated to reflect the effect of the 1-for-10 reverse stock split which was completed on March 15, 2018.
Liquidation Status
Holders of membership interests in the Company are reminded that the conversion of New York REIT, Inc. to the LLC occurred on November 7, 2018. As previously disclosed, membership interests in the LLC are generally not transferable except by will, intestate succession or operation of law.
The Company has sold all its properties except for the remaining 50.1% interest in Worldwide Plaza. The Company has no debt outstanding other than its pro-rata share of the non-recourse debt on Worldwide Plaza. To date, the Company has paid, after giving effect to the distribution announced in this press release, aggregate cash liquidating distributions of $59.91 per unit.
Tax Information
New York REIT Liquidating LLC Schedule K-1’s for 2019 are expected to be available on or about March 15, 2020. Once available, they can be accessed by clicking on the link on the homepage of the Company’s website, www.nyrt.com.
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